Pennsylvania medical device maker Teleflex (NYSE:TFX) got a little Wall Street love today after posting strong 1st-quarter financials and announcing an exclusive deal with robotic surgery giant Intuitive Surgical (NSDQ:ISRG).
Teleflex’s adjusted Q1 earnings came in at $1.22 per share, beating estimates by 6¢. The company’s earnings rose more than 29% during the quarter, with sales up about 6.5%.
TFX shares were up 2.2% today, trading at $104.35 as of about 1 p.m. EST.
Teleflex posted profits of $35 million, or 77¢ per diluted share, on sales of $438.5 million during the 3 months ended March 30. That compared with profits of $27 million, or 64¢ per share, during the same period last year.
The boost was driven in part by a pair of acquisitions Teleflex made in recent months. The company in December closed the $263 million acquisition of Vidacare Corp., a company that makes inside-the-bone access devices. Teleflex in February also completely a stealthy acquisition of Mayo Healthcare, one of Australia’s largest medtech distributors
In a separate release, Teleflex announced a new manufacturing partnership with Intuitive Surgical, maker of the da Vinci suite of robot-assisted surgical systems. Teleflex became an exclusive manufacturer of disposable trocar seals and obturators for use with the newest da Vinci Xi system. The devices are based on Teleflex’s existing portfolio of Weck bladeless laparoscopic access ports.
"As Intuitive Surgical has built a strong and highly recognized brand, Teleflex’s Surgical Division will benefit from the extended market reach of its Weck Vista technology on the da Vinci Xi platform," Teleflex president and surgical division general manager John Tushar said in prepared remarks.